Defects of the Payback Period method when compared to NPV is that the Payback Period does not consider:

Cash flows after the payback period

II$.$ The time value of money

III. The initial cost of the project

IV$.$ Mutually exclusive projects

V$.$ An impartial decision cutoff

II and V

I. III, and V

I and V

I, II$,$ and $V$

II$,$ III, and IV